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Economic aspects determine the life standard, how?
Gross domestic product, or GDP, measures the total output of the economy, including activity, stability, and growth of goods and services; as such, it's seen as a proxy for the economy. The standard of living is derived from per capita GDP, determined by dividing GDP by the number of people living in the country.
In a narrow sense, economists frequently measure standard of living using GDP. Per capita GDP provides a quick, rough estimate of the total amount of goods and services available per person. ... Standard of living is generally measured using per capita GDP. Standards of living are usually higher in developed countries.
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